20 Insights from "The Psychology of Money:"

1. True wealth is invisible; it is the money you haven't spent.
2. Rather than pursuing high returns, it is better to reduce risk and prioritize safety.
3. Focus on the controllable factors; you cannot control everything.
4. Compound interest plus time equals wealth, this is the simplest yet most powerful formula.
5. Respect cannot be bought with money; character is more important.
6. Only take on recoverable risks and avoid potentially devastating bets.
7. Unseen events determine the final outcome, and tail events dominate the financial world.
8. Financial freedom is the ultimate goal; money buys time, not just things.
9. No one cares about your status symbols; they only care about themselves.
10. Make an effort to save; saving is often more important than high returns.
11. Your goals will change with life, and you need to adjust them in a timely manner.
12. Permanent decisions should be made with caution to avoid future regrets.
13. Money is a tool, not a destination; use it wisely.
14. "Enough" is a powerful concept, knowing when to stop at the right time.
15. Define yourself by your actions, not your words; no matter how much you say, it’s worthless.
16. Pursue reasonableness rather than perfection; excessive rationality can backfire.
17. Be prepared for inevitable changes; adaptability is the true skill.
18. The best teacher is experience; some lessons must be personally experienced.
19. Beware of despair; it can distort judgment.
20. The best use of money is to buy control, allowing you to take charge of your own life.